AmeriSave Mortgage Review: My Experience as a First-Time Home Buyer
Are you shopping for a mortgage and wondering if AmeriSave is the right lender for you? As a first-time home buyer and self-proclaimed fashionista, I know how overwhelming the mortgage process can be. There are so many options out there, each with their own pros and cons.
That‘s why I‘m excited to share my experience with AmeriSave Mortgage. I recently used this online lender to finance my dream home, and I have to say – I was impressed! From the streamlined application process to the competitive rates and excellent customer service, AmeriSave made the whole experience a breeze.
But don‘t just take my word for it. In this in-depth AmeriSave Mortgage review, I‘ll give you all the details on what this lender offers, how they stack up against the competition, and what you can expect as a borrower. Whether you‘re a first-time buyer like me or a seasoned homeowner looking to refinance, I hope this review will help you make an informed decision about your mortgage needs.
About AmeriSave Mortgage
First, let‘s start with the basics. AmeriSave Mortgage Corporation is a national online lender that offers a full range of home purchase and refinance loans. Founded in 2000, the company has funded over $64 billion in loans and served over 664,000 customers to date.
What sets AmeriSave apart is their fully digital mortgage process. From application to closing, everything is done online – no need to visit a physical branch or wait for paper documents to be mailed back and forth. This can save you a ton of time and hassle compared to traditional lenders.
AmeriSave is also known for their competitive rates and fees. They offer some of the lowest APRs in the industry, starting at just 2.75% for a 30-year fixed loan (as of May 2023). And with no hidden fees or markups, you can feel confident that you‘re getting a fair deal.
Types of Loans Offered
One of the things I love about AmeriSave is their wide selection of loan options. No matter what your needs or qualifications, chances are they have a product that will work for you. Here‘s a quick rundown of what they offer:
Purchase Loans
- Conventional loans: The most common type of mortgage, with down payments as low as 3% for first-time buyers and 5% for repeat buyers.
- FHA loans: Government-backed loans with more flexible credit and down payment requirements (as low as 3.5%).
- VA loans: Exclusive loans for eligible military members, veterans, and surviving spouses, with no down payment required.
- USDA loans: Zero-down loans for buyers in designated rural areas who meet income limits.
- Jumbo loans: Non-conforming loans for higher-priced homes or buyers with unique circumstances.
Refinance Loans
- Rate-and-term refinance: Replace your existing mortgage with a new one at a lower rate or different term.
- Cash-out refinance: Tap into your home equity and get cash back at closing for debt consolidation, home improvements, or other needs.
- FHA streamline refinance: A simplified refinance process for existing FHA loan holders.
- VA streamline refinance (IRRRL): Similar to an FHA streamline, but for VA loan holders.
Home Equity Loans
- Home equity loan (HEL): A lump-sum loan that uses your home as collateral, with fixed rates and monthly payments.
- Home equity line of credit (HELOC): A revolving credit line secured by your home equity, with variable rates and flexible repayment options.
No matter which loan type you choose, AmeriSave offers competitive rates and terms. They also have a handy online calculator that lets you see how much you might be able to borrow based on your income, debts, and other factors.
Mortgage Rates and Fees
Speaking of rates, let‘s talk numbers. After all, finding the lowest possible interest rate is one of the most important factors in choosing a mortgage lender.
The good news is that AmeriSave consistently offers some of the most competitive rates in the industry. As of May 2023, their rates start at:
- 2.75% APR for a 30-year fixed conventional loan
- 2.125% APR for a 15-year fixed conventional loan
- 2.75% APR for a 30-year fixed FHA loan
- 2.25% APR for a 15-year fixed FHA loan
- 2.50% APR for a 30-year fixed VA loan
Of course, your actual rate will depend on a variety of factors, including your credit score, loan-to-value ratio (LTV), occupancy status, and loan amount. But in general, AmeriSave‘s rates are very competitive – often beating out other online lenders and big banks.
In terms of fees, AmeriSave is also very transparent and upfront. They charge a flat $500 processing fee on most loans, but this is typically lower than the origination fees charged by other lenders (which can be 1-2% of the loan amount). AmeriSave also has no hidden junk fees or markups.
That being said, there are still some closing costs you‘ll need to pay, such as:
- Appraisal fee: $400-700
- Title search and insurance: $500-1,000
- Recording fees: $50-250
- Prepaid taxes and insurance: Varies based on your location and due dates
All in all, you can expect to pay around 2-5% of your loan amount in closing costs with AmeriSave. However, they do offer some options to lower these costs, such as rolling them into your loan balance or negotiating with the seller to cover some of them.
The Application Process
Now that you know what AmeriSave offers and how much it might cost, let‘s talk about how to actually get approved for a loan.
The first step is to fill out a simple online application. This takes about 10-15 minutes and will ask for some basic information about yourself, your income, and the property you want to buy or refinance. AmeriSave uses this info to pull a soft credit inquiry (which doesn‘t impact your credit score) and give you a pre-qualification decision.
If you‘re pre-qualified, congrats! This means you‘ve passed the initial screening and can move on to the next steps. At this point, you‘ll be assigned a dedicated loan officer who will guide you through the rest of the process.
Your loan officer will help you gather and submit all the necessary documents, such as:
- Proof of income (W-2s, pay stubs, tax returns)
- Proof of assets (bank statements, investment accounts)
- Identification (driver‘s license, Social Security card)
- Property information (purchase contract, insurance, HOA docs)
Once your loan officer has everything they need, they‘ll submit your file to underwriting for a final decision. This can take anywhere from a few days to a few weeks, depending on your situation and how quickly you respond to requests for additional info.
If approved, congrats again! You‘ll receive a Loan Estimate document outlining the final terms of your loan, including the interest rate, monthly payment, and closing costs. Review this carefully and ask your loan officer any questions you have.
From there, it‘s just a matter of scheduling your closing date and signing the final paperwork. With AmeriSave‘s digital closing options, you may be able to do this remotely from the comfort of your own home.
All told, the entire process from application to closing can take anywhere from 2-8 weeks with AmeriSave. In my experience, it was on the shorter end of that range – about 3 weeks from start to finish.
What Customers Are Saying
Of course, my opinion is just one data point. To get a more complete picture of what it‘s like to work with AmeriSave, I combed through dozens of online reviews and ratings from past customers.
Overall, AmeriSave has very positive reviews, with an average rating of 4.7/5 stars across 2,600+ Google reviews, and an A+ rating from the Better Business Bureau.
Many customers praise AmeriSave for their:
"The entire process was very straightforward and efficient from start to finish. The online portal made uploading documents a breeze, and my loan officer was always available to answer my questions. I got a great rate and closed on time with no surprises."
– Jenna S., Google review
"As a first-time homebuyer, I was nervous about the mortgage process, but AmeriSave made it so easy! My loan officer walked me through every step and made sure I understood all the terms and costs. I shopped around a bit, but AmeriSave had the best rates and lowest fees by far."
– David T., BBB review
Of course, no lender is perfect, and AmeriSave does have a few negative reviews mixed in. The most common complaints seem to be around:
- Difficulty getting in touch with loan officers or customer service
- Delays or errors in the underwriting process
- Inaccurate pre-qualification letters that don‘t match the final approval
- Pushy sales tactics or unwanted marketing calls
However, it‘s worth noting that many of these complaints are several years old, and AmeriSave seems to have made improvements to their process and communication in recent years based on the more recent positive reviews.
How AmeriSave Compares
Finally, let‘s see how AmeriSave stacks up against some of the other top online mortgage lenders.
| Lender | Min. Credit Score | Min. Down Payment | Avg. 30-Year Fixed APR | Fees |
|---|---|---|---|---|
| AmeriSave | 600 | 0-5% | 2.75% | $500 processing fee |
| Rocket Mortgage | 580 | 0-3% | 3.125% | $1,250 origination fee |
| Better Mortgage | 620 | 5-20% | 3.00% | No lender fees |
| SoFi | 680 | 5-10% | 3.25% | No lender fees |
| LoanDepot | 580 | 0-5% | 3.50% | $1,395 origination fee |
Rates and fees as of May 2023. Your actual rate and costs may vary.
As you can see, AmeriSave offers some of the lowest credit score and down payment requirements, as well as the lowest average APR. Their $500 processing fee is also lower than the origination fees charged by Rocket Mortgage and LoanDepot, though not as low as the $0 lender fees offered by Better and SoFi.
Of course, there are other factors to consider beyond just rates and fees, such as the loan types offered, customer service, and digital experience. But overall, AmeriSave is very competitive with other top online lenders and is worth considering for your mortgage needs.
The Bottom Line
When it comes to choosing a mortgage lender, there‘s no one-size-fits-all answer. But based on my personal experience and research, I believe AmeriSave is an excellent choice for many borrowers – especially those who value a fast, easy, and affordable online experience.
With their wide selection of loan options, competitive rates and fees, and streamlined digital process, AmeriSave makes it simple to find the right mortgage for your needs and get approved quickly. And with their transparent pricing and communication, you can feel confident that you‘re getting a fair deal with no surprises.
Of course, your experience may vary, and it‘s always a good idea to shop around and compare multiple lenders before making a decision. But if you‘re looking for a reliable online lender with a proven track record of happy customers, AmeriSave is definitely worth checking out.
I hope this detailed review has been helpful in your mortgage journey. If you have any questions or experiences of your own to share, please leave a comment below – I‘d love to hear from you! And if you found this review valuable, please consider sharing it with your friends and followers.
Until next time, happy house hunting!
Disclosure: This review is based on my personal experience and opinions, and I am not being compensated by AmeriSave or any other entity for writing it. Your experience and results may vary. Always do your own research and consult with a qualified financial advisor before making any mortgage decisions.
